4800 THE NEW ZEALAND GAZETTE No. 201

5. Taxation—Current:
   Taxation as per Profit Statement 1,445 2,077
   Less prior period taxation (1) (192)
   Less timing differences transferred to deferred tax (941) (1,614)
   Current taxation payable 503 271
   Less provisional tax paid (1,299) (1,570)
   Less refund brought forward
   Taxation payable/(refund due) (796) (1,299)

Deferred:
Provision for deferred tax 2,758 1,144
Plus current deferred portion 941 1,614
3,699 2,758

Both the provision for current taxation and the provision for deferred taxation include amounts relating to items currently under investigation by the Inland Revenue Department.

6. Changes to Reserves—
   Revenue Reserves:
   Loss on sale of securities recovered
   Unamortised discount 43 75
   1
   76

Capital Reserves:
Building revaluation (245) 2,630
(2,202) 2,706

7. Reserves—
   Revenue Reserves:
   Retained earnings 9,948 7,357
   Trustebank Computer Limited 138 104
   Unallocated profit/loss on sale of securities 1 (42)
   $10,087 $7,419

Capital Reserves:
Land and buildings revaluation 2,599 2,844
Profit on sale of assets 6 6
2,605 2,850
$12,692 $10,269

8. New Zealand Government Securities—
   Face Value 31 March 1985 109,237 93,054
   Less unamortised premiums and discounts 3,822 2,540
   Book value 105,415 90,514
   Estimated market value 88,386 92,148

New Zealand Government Securities are normally held to maturity and accordingly premiums and discounts are amortised over their life.

The Government Guarantee of Depositors’ Funds including accrued interest in terms of section 44 of the Trustee Banks Act 1983 and subsequent amendments was in force at balance date and continues to remain in force. However, the requirement to hold New Zealand Government Securities pursuant to the same act was removed on 11 February 1985.

Included in the total are securities sold prior to 31 March 1985 but which are subject to an undertaking to repurchase at an agreed price. The consideration paid by the purchasers for these securities is included in Commitments to Repurchase Securities.

9. Local Authority Securities—
   Total advances 1985 1984
   $000 $000
   11,336 11,336
   Less sales and matured advances 10,906 10,864
   $430 $472

Current balance of debenture held 243 287
Nominal value of registered stock held 187 185
$430 $472

Market value of registered stock 155 193

10. Associated Company—
    Trustebank Computer Limited:
    Shares at cost 140 140
    Share of profits 138 104
    Debentures at cost 563 93
    $841 $337